Shiba Inu Shows Potential for a Rally Despite Recent Decline

Shiba Inu Rally Potential Despite Recent Dip

Despite a recent price dip, Shiba Inu (SHIB) exhibits indicators suggesting an imminent rally.

Positive Metrics

• Shibarium resurgence: Shibarium's daily transactions surged by 60% to 6,360 on August 14th.
• Growing Shibarium usage: Total transactions exceed 418 million, with nearly 2 million wallet addresses.
• Shibarium's impact: Experts believe this Layer-2 network's growth could boost SHIB's price by enhancing scalability and reducing costs.

Increased Token Burn Rate

• The token burn rate has skyrocketed by 850% in the last week, removing over 148 million tokens from circulation.
• This reduces SHIB's supply, making it more valuable.
• The team has previously burned 41% of the total supply.

Market Context

• SHIB is not alone in its recent decline, with the memecoin market experiencing a sharp drop.
• However, Dogecoin (DOGE) and Pepe (PEPE) have managed to post weekly gains.
• Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have also declined, with BTC falling to $58,000 and ETH losing its $2,700 resistance.

Bottom Line

Despite the recent price decline, SHIB's positive metrics and increased token burn rate suggest potential for a rally. Shibarium's growth and the team's commitment to burning tokens could drive SHIB's price higher.